Average Canada Western Red Spring (13.5%) wheat prices were up by C$5.80 to C$11.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$282.50 per tonne in southeastern Saskatchewan to as high as C$313.20 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $60.40 to $91.00 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.6958) CWRS basis levels ranged from C$2.90 to C$17.80 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were also higher, up by C$10.40 to C$12.60 per tonne, with prices ranging from C$263.00 to C$291.50 per tonne.

Average durum prices were mixed, up C$2.60 to down C$3.50 per tonne, ranging from C$310.70 to C$331.70 per tonne.

Spring wheat futures in Minneapolis were up by 23 cents per bushel in the March contract to settle at US$6.0450 per bushel on Jan. 23.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was up by 22.50 cents at US$5.7075 per bushel on Jan. 23.

The March Chicago Board of Trade soft wheat contract rose 16.50 cents on the week at US$5.54 per bushel.

The Canadian dollar was up by roughly a tenth of a cent relative to its U.S. counterpart, at 69.58 U.S. cents on Jan. 23.

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Average Canada Western Red Spring (13.5%) wheat prices were down by C$2.30 to C$4.80 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$277.70 per tonne in southeastern Saskatchewan to as high as C$306.10 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $56.20 to $84.50 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids. When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7048) CWRS basis levels ranged from C$4.10 to C$18.20 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were also higher, up by C$7.10 to C$8.00 per tonne, with prices ranging from C$254.80 to C$281.80 per tonne.

Average durum prices were mixed, up C$1.10 to down C$1.90 per tonne, ranging from C$312.40 to C$333.90 per tonne.

Spring wheat futures in Minneapolis were up by four cents per bushel in the March contract to settle at US$6.0250 per bushel on Dec. 12.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was up by 10.25 cents at US$5.6275 per bushel on Dec. 12.

The March Chicago Board of Trade soft wheat contract held closer to unchanged, rising only a quarter cent on the week at US$5.5850 per bushel.

The Canadian dollar was down by just over three quarters of a cent relative to its United States counterpart, at 70.48 U.S. cents on Dec. 12.

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The main driver in wheat’s gains was the ongoing drought in Russia and other areas of the Black Sea region with expectations of reduced production.

Additional support came from a weaker Canadian dollar, which at 73.86 U.S. cents lost more than a third of a cent.

As the Prairie harvest begins to wind down, most of the region’s wheat has come off with reduced pressure on prices.

Average CWRS (13.5%) prices increased C$15.20 to C$19.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$274.90 per tonne in southeastern Saskatchewan to C$301.20 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$37.50 to C$63.70 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting Canadian prices to United States dollars (C$1=US$0.7386), CWRS bids ranged from US$203.10 to US$222.50 per tonne. That would put the currency adjusted basis levels at about US$15.00 to US$34.40 below the futures.

Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$11.10 to C$25.40 below the futures.

Average CPRS (11.5%) wheat advanced C$17.40 to $19.50 per tonne. Bids ranged from C$247.90 per tonne in southeastern Saskatchewan to C$273.90 per tonne in southern Alberta.

Average CWAD prices gained C$0.30 to C$4.50 per tonne. Bids ranged from C$301.10 per tonne in northwestern Saskatchewan to C$317.10 per tonne in southern Alberta.

The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.4625 per bushel on Oct. 3, jumping 34.75 cents on the week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December Kansas City wheat contract was quoted at US$6,1150 per bushel on Oct. 3, rising 32.50 cents from a week ago.

The December Chicago Board of Trade soft wheat contract settled at US$6.0350 per bushel on Oct. 3, increasing 19.25 cents.

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The U.S. Department of Agriculture reported the country’s spring wheat harvest to be 70 per cent complete as of the start of September, matching the five-year average and being two points ahead of last year. By comparison, Manitoba’s spring wheat crop was 41 per cent complete, while Saskatchewan’s was only at 28 per cent. In Alberta, 94 per cent of the province’s winter wheat crop and 17 per cent of its spring wheat crop were harvested as of Aug. 27. Alberta’s next provincial crop report will be released on Sept. 6.

Ukraine announced on Wednesday it will cap wheat exports at 16.2 million tonnes for 2024-25. In the first two months of the marketing year, Ukraine shipped 3.59 million tonnes of wheat, more than triple from the 1.03 million tonnes shipped last year. In 2023-24, Ukraine exported 18.3 million tonnes of wheat.

Meanwhile, the Australian Bureau of Agricultural and Resource Economics (ABARES) raised its wheat production forecast for 2024-25 by 2.7 million tonnes at 31.8 million due to timely rains in wheat-growing areas. The figure would be 20 per cent above the 10-year average.

Canadian Western Red Spring (CWRS) gained C$14.60 to C$18.20 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$254.30/tonne in southeast Saskatchewan to C$277.20 in southern Alberta.

Quoted basis levels ranged from between C$24.40 to C$47.30/tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7400), CWRS bids were from US$188.20 to US$205.10/tonne. Currency adjusted basis levels ranged from US$24.80 to US$41.80 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$18.40 to C$30.90 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices added C$14.30 to C$26.60 per tonne. The lowest average bid for CPRS was C$226.00 in southeast Saskatchewan, while the highest average bid was C$250.00 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were down C$0.60 to up C$2.90 per tonne with bids between C$288.30 in northwest Saskatchewan to C$301 in western Manitoba.

The December spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.2575 per bushel on Sept. 5 and 35.25 U.S. cents higher than the previous week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The December contract was quoted at US$5.8875/bu., up 28.25 U.S. cents.

The December Chicago Board of Trade (CBOT) wheat contract gained 26.00 U.S. cents from the previous week at US$5.7475/bu.

The Canadian dollar declined 0.22 of a U.S. cent to close at 74.00 cents U.S. by Sept. 5.

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Wheat futures tested fresh contract lows during the week, but also uncovered support at times amid the general downtrend.

Average Canada Western Red Spring (13.5%) wheat prices were up by C$0.80 to down by C$3.50 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$288.80 per tonne in southeastern Saskatchewan to as high as C$317.10 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $47.90 to $76.30 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7411) CWRS basis levels ranged from C$4.30 to C$19.90 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were lower, down by C$0.10 to C$0.60 per tonne, with prices ranging from C$247.30 to C$272.10 per tonne.

Average durum prices lost C$4.70 to as much as C$6.90 per tonne, ranging from C$392.10 to C$407.80 per tonne.

Spring wheat futures in Minneapolis were down by 3.25 cents per bushel in the May contract to settle at US$6.5550 per bushel on Feb. 22.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up by 1.50 cents on the week to close at US$5.7150 per bushel on Feb. 22.

The May Chicago Board of Trade soft wheat contract settled at US$5.7925 per bushel on Feb. 22, up by 12.00 cents on the week.

The Canadian dollar held steady relative to its United States counterpart, closing at 74.11 U.S. cents on Feb. 22.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg. 

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The relatively low prices created some interest in the export market. The U.S. Department of Agriculture (USDA) reported net wheat export sales of 451,400 tonnes in its weekly report on Jan. 25, down 36 per cent from the previous week but up 45 per cent from the four-week average. Recent severe cold weather in the northwestern U.S. Plains may have also caused some crop damage.

Agriculture and Agri-Food Canada (AAFC) released its first projections for the 2024-25 marketing year on Jan. 22. They forecasted a three per cent decline in non-durum wheat acres at 8.248 million hectares, while durum area was steady at 2.477 million. However, total wheat production is expected to increase to 33.3 million tonnes, as well as total wheat carryout to 4.2 million.

Canadian Western Red Spring (CWRS) wheat prices were up C$7.10 to C$8.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$315.60/tonne in western Manitoba to C$341.50 in southern Alberta.

Quoted basis levels ranged from between C$55 to C$81/tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7410), CWRS bids were from US$233.80 to US$253/tonne. Currency adjusted basis levels ranged from US$7.50 to US$26.70 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$5.60 to C$19.80 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices were up C$11.10 to C$13.40/tonne. The lowest average bid for CPRS was C$273.10 in southeast Saskatchewan, while the highest average bid was C$302 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were C$2.90 to C$5.20 per tonne lower with bids between C$439.50 in northeast Saskatchewan to C$448.10 in southern Alberta.

The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$7.09 per bushel on Jan. 25 and 21 U.S. cents higher than the previous week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was quoted at US$6.37/bu., up 31.75 U.S. cents.

The March Chicago Board of Trade (CBOT) wheat contract gained 26.75 U.S. cents from the previous week at US$6.1225/bu.

The Canadian dollar added 0.05 of a U.S. cent to close at 74.10 cents U.S. on Jan. 25.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Minneapolis and Kansas City wheat futures pulled back during the week, but Chicago nudged up a little. Ongoing issues with lacklustre U.S. export sales hampered the wheat complex, as did positioning ahead of the U.S. Thanksgiving holiday. A somewhat stronger Canadian dollar put a little bit of pressure on Prairie cash prices.

Average CWRS (13.5 per cent protein) prices dropped $4.10-$7.10 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about $323.60 per tonne in northeastern Saskatchewan to $349 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $56.10 to $81.50 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting Canadian prices to United States dollars, CWRS bids ranged from US$236.20 to US$254.80 per tonne. That would put the currency-adjusted basis levels at about US$12.80-$31.30 below the futures.

Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from $9.30 to $22.90 below the futures.

Average CPSR (11.5 per cent protein) wheat lost $5.70-$10.70 per tonne. Bids ranged from $271.10 per tonne in southeastern Saskatchewan to $287.20 per tonne in southern Alberta.

Average CWAD prices were down by lesser amounts, dipping by between 20 cents and $1.80 per tonne. Bids ranged from $459.80 per tonne in northeastern Saskatchewan to $468.30 per tonne in western Manitoba.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based was quoted at US$7.175 per bushel on Nov. 23, giving up 8.5 U.S. cents on the week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was quoted at US$6.145 per bushel on Nov. 23, dropping 12.75 U.S. cents compared to a week earlier.

The December Chicago Board of Trade soft wheat contract settled at US$5.655 per bushel on Nov. 23, nudging up 2.25 U.S. cents on the week.

The Canadian dollar closed Nov. 23 at 73 U.S. cents, tacking on a little more than a quarter of a cent.

— Glen Hallick reports for MarketsFarm from Winnipeg.

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“This direct import of durum wheat has enriched the structure of China’s imported wheat varieties, facilitated the extension of COFCO’s products upstream and further improved COFCO’s… full industry chain model,” it said in a statement.

COFCO said the durum wheat was purchased by COFCO International and will be transferred to COFCO Haijia (Xiamen) Flour Co. Ltd. for processing.

China has already imported almost two million metric tonnes of durum wheat from Canada this year, according to Chinese customs data.

That does not match Canadian government data, however, which shows China bought no Canadian durum during the past year through September, the most recent month for which data is available.

Chinese purchases of other types of Canadian wheat were larger year-on-year during the 2022-23 crop marketing year, which ended July 31, the Canadian data showed.

The discrepancy is likely due to China’s customs agency classifying wheat differently, said Chuck Penner, a Canadian analyst at LeftField Commodity Research.

READ MORE: High pasta prices set to boil over as Canada’s wheat withers

He said Canada does not have enough durum to sell such a large volume during the year to Chinese buyers and still supply regular importers in the U.S., north Africa and Europe.

Canada accounts for around half of the global trade of durum, a type of hard wheat used to make pasta.

China has imported record volumes of wheat this year, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing’s appetite to buy while prices are low.

The world’s largest wheat consumer has imported 10.83 million tonnes of wheat in the first 10 months of this year, a 37.7 per cent surge from a year ago, customs data showed.

— Reporting for Reuters by Mei Mei Chu; additional reporting by Rod Nickel in Winnipeg.

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U.S. wheat futures were lower as export sales continued to be weak. For the week of Nov. 3-9, 176,300 tonnes were sold for export, down 50 per cent from the previous week and 57 per cent from the four-week average. The International Grains Council added 1.7 million tonnes to its 2023-24 global wheat production estimate, to 786.6 million, while 1.8 million were added to its carryout projection at 264 million.

Canada Western Red Spring (CWRS) wheat prices were down $2.50-$4.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between $329.70/tonne in southeastern Saskatchewan and $356 in southern Alberta.

Quoted basis levels ranged between $57.60 and $84/tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars, CWRS bids were from US$239.80 to US$259/tonne. Currency-adjusted basis levels ranged from US$13.10 to US$32.30 below the futures. If the futures were converted to Canadian dollars, basis levels would be $9.60-$23.50 below the futures.

Meanwhile, CPSR prices were down $7.80-$10.30/tonne. The lowest average bid for CPSR was $276.80/tonne in southeastern Saskatchewan, while the highest average bid was $295.80 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were 30 cents to $4.10 per tonne lower with bids between $460.10 in northeastern Saskatchewan and $468.70 in western Manitoba.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts are based, was quoted at US$7.26 per bushel on Thursday and 8.5 U.S. cents lower than the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was quoted at US$6.2725/bu., down 20 U.S. cents.

The December Chicago Board of Trade (CBOT) wheat contract lost 27.25 U.S. cents from the previous week at US$5.535/bu.

The Canadian dollar was slightly stronger, gaining 0.17 of a U.S. cent to close Thursday at 72.73 cents U.S.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Average Canada Western Red Spring (CWRS, 13.5 per cent) wheat prices were up by $8.80-$10.10 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from $333.50 per tonne in northeastern Saskatchewan to as high as $358.80 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $63.60 to $88.90 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $6.90 to $20.20 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were up by $2-$8 per tonne, with prices ranging from $284.60 to $305.10 per tonne.

Average durum prices were up by between 10 cents and $1.60 per tonne. Prices ranged from $463.60 to $471.60 per tonne.

Spring wheat futures in Minneapolis were up by 23.75 U.S. cents per bushel in the December contract to settle Thursday at US$7.345 per bushel.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was up by 5.75 U.S. cents on the week to close at US$6.4725 per bushel on Thursday.

The December Chicago Board of Trade soft wheat contract settled at US$5.8075 per bushel on Thursday, up by 15.25 U.S. cents on the week.

The Canadian dollar strengthened relative to its U.S. counterpart early in the week before running into resistance to retreat and end relatively unchanged, finishing at 72.56 U.S. cents on Thursday, a move of only 0.02 U.S. cent.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.

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